Ethereum prices are facing obstacles near the resistance level of $1840 against the US dollar. If ETH breaks through the resistance levels of $1825 and $1840, it may try to break through again
Ethereum prices are facing obstacles near the resistance level of $1840 against the US dollar. If ETH breaks through the resistance levels of $1825 and $1840, it may try to break through again.
- Ethereum currently faces many obstacles near the $1840 resistance level.
- The price is below $1810 and the 100 hour simple moving average.
- On the hourly chart of ETH/USD (data from Kraken), a key bearish trend line is forming, with resistance around $1805.
- If it breaks through the resistance levels of $1825 and $1840, the currency pair may start to rise significantly.
Ethereum price below $1840
Ethereum's price once again failed to clear the resistance levels of $1840 and $1850. ETH fell below the $1800 level and remained within a range, similar to Bitcoin.
However, the price remained stable above the support level of $1785. A low point has formed near $1791, and prices are now consolidating losses. It is slowly rising above the 23.6% Fibonacci retracement level, which has recently fallen from a swinging high of $1828 to a low of $1791.
The current trading price of Ethereum is below $1810 and the 100 hour simple moving average. On the hourly chart of ETH/USD, there is also a key bearish trend line that is forming, with resistance around $1805.
Direct resistance is located near the trend line area. The first major resistance level is around $1810 and the 100 hour simple moving average. It is close to the 61.8% Fibonacci retracement level, which has recently fallen from a fluctuating high of $1828 to a low of $1791.
The next resistance is around $1825, above which Ethereum may rise to $1840. If the closing price is above the resistance level of $1840, the price may gain a bullish lead to $1920. Any increase above the $1920 resistance level may begin to steadily rise to the $2000 resistance level.
More ETH losses?
If Ethereum fails to clear the resistance level of $1810, it may start another decline. The initial support level for the downward trend is around $1785.
The next major support level is around the $1770 area. If the closing price falls below the support level of $1770, the price may gain bearish momentum. In the above situation, the price may fall towards the support area of $1720. Any further losses could push prices to a level of $1700 in the short term.
Technical indicators
Hourly MACDThe MACD of ETH/USD has lost momentum in the bearish region.
Hourly RSIThe RSI of ETH/USD is below the 50 level.
1,770
Main resistance level - $1825
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